MADISON, Wis. (9/11/14)--As part of an ongoing effort to understand how members and consumers shop for products online, Filene Research Institute, in collaboration with Amazon.com, recently tested 44 credit unions to gauge how well their online sales capabilities performed.
The pilot program revealed that many credit unions, even large sophisticated ones, must improve their online sales processes to compete in the digital marketplace.
In many cases, credit unions didn't provide opportunities for nonmembers to become members online, or in others, even if the membership application was available online, it hadn't been integrated with a loan application.
The pilot ran from September 2012 to November 2013.
By not taking advantage of these online tools, Filene argues, credit unions miss out on increasing membership and strengthening member relationships.
"In order to really run with an online program, we need to be able to complete the process online and not constantly be mailing things out and waiting for original documents to come back in," said Madeline Anderson-Balmer, marketing manager for Bellwether Community CU, Manchester, N.H., with $389 million in assets, after the pilot program ended. "We also learned a lot about landing-page design."
From the pilot, Filene developed the following advice:
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